Isdera Group Limited, a Cayman Islands company set to become the parent of Xinghui Automotive Technology in China, has announced entering into a merger agreement with UY Scuti Acquisition Corp., a special purpose acquisition company. Under the agreement, UY Scuti will merge into its wholly owned subsidiary, Isdera Inc, which will be publicly listed on Nasdaq. Shareholders of Isdera Group Limited will receive shares of Isdera Inc, with some subject to a 180-day lock-up period post-closing. The transaction has received unanimous board approval from both companies and awaits further regulatory and shareholder approvals. Legal advisors for Isdera Group include Torres & Zheng at Law, P.C., JunHe LLP, and Harney Westwood & Riegels, while UYSC is advised by Becker & Poliakoff P.A., Beijing Dacheng (Shanghai) Law Offices, LLP, and Appleby. Chain Stone Capital Limited is the financial advisor to Isdera Group.
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